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Existing theories of the firm are silent with respect to cross-sectional differences in performance or characteristics of firms attributable to different types of managers. We hypothesize that the investment, financing and dividend decisions of founders differ systematically from those of...
Persistent link: https://www.econbiz.de/10011310327
The one-share, one-vote rule applicable to the governance of most business firms provides for proportional voting power which differs substantially from proportional shareholdings of investors. This problem is particularly acute in small firms where several (or many) shareholders may hold...
Persistent link: https://www.econbiz.de/10011310332
The one-share, one-vote rule applicable to the governance of most business firms provides for proportional voting power which differs substantially from proportional shareholdings of investors. This problem is particularly acute in small firms where several (or many) shareholders may hold...
Persistent link: https://www.econbiz.de/10010790719
This paper investigates the effect of superstar CEOs on their competitors. Exploiting shocks to CEO status due to …
Persistent link: https://www.econbiz.de/10011344197
In this paper, we highlight the existence of multi-founder firms, which were founded by multiple individuals (with no … setting to shed further light on the net valuation effects of founder involvement. In particular, multi-founder firms provide …, CEOs and managers in the same firm. Our analysis indicates that multi-founder firms are more valuable than all other types …
Persistent link: https://www.econbiz.de/10010572485
This paper uses an agency theory perspective to develop an understanding of the determinants of auditor change for small firms in the United Kingdom. The paper, therefore, extends the existing literature (see Williams [22] and Francis and Wilson [9]) from a consideration of auditor change for...
Persistent link: https://www.econbiz.de/10011310289
There is an increased interest in small companies and entrepreneurship among academicians and policy makers. The melting of the cold war and the collapse of the socialist economies of the Soviet bloc, in combination with the interest of the affected countries in imitating some form of...
Persistent link: https://www.econbiz.de/10011310292
Previous studies of large versus small company performance, though frequent, have not produced a clear answer as to whether large companies outperform small companies or vice versa. This article highlights retentions - the fact that different companies have different dividend policies —as a...
Persistent link: https://www.econbiz.de/10011310294
The small business literature frequently refers to the concept of a “finance gap” in order to explain differences in the capital structures of small and large firms. However, little evidence, if any, exists to support this “finance gap” explanation. This paper, while canvassing the...
Persistent link: https://www.econbiz.de/10011310296
Capital structure choices and preferences in small, rapidly growing corporations are examined. As much of capital structure theory involves variables not easily or practically quantified (e.g., preferences, motivations, agency costs, information asymmetries) a survey was designed in an attempt...
Persistent link: https://www.econbiz.de/10011310298